Hello Myfico community,
So I have an interesting story. I purchased a new Honda Pilot on new years eve. They told me that they can approve me for 0 down, 10.99 rate for 6 years with my score of 610 at the time. I asked them numerous times if 0 down would fly with my score, they said it should be fine. I was okay with no down because I had plans to refi soon after 1-2 payments and I got the car for a really good price. Since I am currently checking my reports as I am repairing my credit, I noticed that there is no car loan showing on my reports, and my 1st payment is due on 2/15. So I called the dealer last friday, and the finance manager just calls me today.
So fast forward to now, he tells me "werent you pre-approved with a credit union?" i told him I never mentioned that. He then tells me they couldnt find a home for my loan. Great!!!!!! So I told him that I am trying to refinance it with a CU, as now my score is 660. Now hes all frantic and told me to let him know right away if I got approved and he will try to find a lender on his end as well. So now I check my credit reports online and there are 4 inquiries for auto loans, which i dont mind since I was shopping for a refinance initially anyways.
Well I just got notice the CU denied me, and now Im pretty screwed unless the dealer finds a lender for me. With that being said, since they didnt contact me 10 days after the contract, dont they have to honor the terms and wouldnt the dealer have to finance it for now until I can find a lender to refinance worse case?
I know I know, shame on me for thinking I may get approved with a 610 for 0 down, but this was before I started getting in depth with this forum and obtaining all kinds of information.
Any suggestions? Is it my right to keep the car and demand the dealer to finance it worse case, or just suck it up and return the car back to them? Or should I try to find another bank on my end to finance the car? Thanks in advance for all the help and sorry for the long winded post.
